South Korea Hanjin Shipping Co. has signed a deal to sell its stake in Long Beach’s largest terminal, a move that could end months of uncertainty about the port’s future and again reshuffle cargo business at the nation’s busiest port complex.

Resolution of the terminal’s future could help smooth out kinks in goods shipments, many of which eventually are handled by Inland logistics workers. Materials shipped by rail or truck often are stored at Inland warehouses for later shipment to destinations to the east.

A South Korean court approved the sale of Hanjin’s majority stake in Pier T at Long Beach port to the Geneva-based Mediterranean Shipping Co. earlier this week. The lease is for a minimum of $83.5 million a year.

The port’s governing board approved the agreement during an emergency session Wednesday night by a vote of 3-1. Commissioner Rich Dines was the lone dissenter, saying he was concerned the port is not getting its full value for the terminal.

A U.S. bankruptcy court must still approve the sale.

“This agreement would keep our largest container terminal operating through the end of its lease term with the real potential for new business opportunity,” said Noel Hacegaba, the Long Beach port’s chief operating officer.

The move could alleviate months of poor performance at the local port after Hanjin lost its funding and ceased operations on Aug. 31.

The hardship for Long Beach proved a boon for the Port of Los Angeles, which tallied some of its highest volumes ever as Hanjin’s competitors picked up business.

The shipping industry has been suffering from too much capacity and not enough demand. To compensate, shipping giants like Mediterranean Shipping Co. have created alliances that allow competitors to ship cargo on each other’s vessels.

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